Chinese E-commerce giant Alibaba, which pioneered the concept of mega sales on Singles’ Day (as an anti-Valentine’s day concept) in China, reported sales of over US$9 billion on November 11 this year.
According to reports, shoppers looking to celebrate the day and take advantage of the massive discounts on offer, purchased goods to the tune of US$9.3 billion. This illustrates the increasing power of Chinese consumers and also reiterates that Singles’ Day is a landmark event in the retail calendar.
Alibaba said that in the very first hour of trading, it sold goods to the tune of US$2 billion, of which US$1 billion worth of goods were sold in 18 minutes of the sale opening. November 11, celebrated widely across China, was reportedly created by university students as an anti-Valentine’s day for single people. It has been celebrated since 1993.
Executive vice chairman of Alibaba, Joe Tsai said that this event was reflective of the true unleashing of the power that Chinese consumers wield today.
Last year, the online shopping market in China surpassed that of the United States, to becoming the leading market in the world. This year, the build up to the event was much stronger, with participating merchants advertising their discounted prices from October 15. The pre-sales initiative is being credited for creating substantial hype, fuelling purchases this year.
According to Alibaba, this year’s festival has been truly global in nature, and has reached shoppers in over 200 countries.
According to reports, shoppers looking to celebrate the day and take advantage of the massive discounts on offer, purchased goods to the tune of US$9.3 billion. This illustrates the increasing power of Chinese consumers and also reiterates that Singles’ Day is a landmark event in the retail calendar.
Alibaba said that in the very first hour of trading, it sold goods to the tune of US$2 billion, of which US$1 billion worth of goods were sold in 18 minutes of the sale opening. November 11, celebrated widely across China, was reportedly created by university students as an anti-Valentine’s day for single people. It has been celebrated since 1993.
Executive vice chairman of Alibaba, Joe Tsai said that this event was reflective of the true unleashing of the power that Chinese consumers wield today.
Last year, the online shopping market in China surpassed that of the United States, to becoming the leading market in the world. This year, the build up to the event was much stronger, with participating merchants advertising their discounted prices from October 15. The pre-sales initiative is being credited for creating substantial hype, fuelling purchases this year.
According to Alibaba, this year’s festival has been truly global in nature, and has reached shoppers in over 200 countries.
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